It Takes K’s Boutique an Average of 53 Days to Sell

Multiple Choice

It takes K’s Boutique an average of 53 days to sell its inventory and an average of 16.8 days to collect its accounts receivable.The firm has sales of $942,300 and costs of goods sold of $692,800.What is the accounts receivable turnover rate? Assume a 365-day year.

A) 23.69
B) 11.41
C) 21.73
D) 24.23
E) 19.55